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Total Reward Mbr&Hrsl

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Total Reward Mbr&Hrsl

  1. 1. MB Reward Framing Total Reward within the Business & HR Solutions What are the organisational needs ? Balancing the needs of cost and performance t Business Organisation’s values, budgets, performance with those of talent en strategy demands, and talent requirements recruitment, nm development and retention ig Al People TOTAL strategy Annual Long-term Guaranteed variable pay; incentives cash short-term Total incentives Implement- Reward ation strategy Non- Statutory Non-financial statutory benefits rewards benefits People performance En & REWARD contribution ga ge m en Employees’ values, expectations, Change Business preferences and demographics management, t performance communication, consultation and Copyright - What are the employees’ needs ? negotiation Malcolm Bond - Aug 05
  2. 2. MB Reward Total Reward structure & HR Solutions Typical examples Reward type Reward category definitions Career growth; learning and development enablement value engagement and Motivational, organisation Work / life balance intangible Intrinsic, within Internal and external pay equity; 'equal pay' Work quality Non-financial rewards Total Reward Working environment Affiliation, organisational reputation and brand Employer’s National Insurance Contributions (NIC) Statutory benefits Total Remuneration + Pension / retirement provision Life Assurance Disability insurance (LTDB / IP / PHI) Reward elements to which a currency value can be applied Private medical insurance (PMI) Critical illness insurance Other insurances (dental, optical, holiday / travel, etc.) Non-statutory benefits Total Remuneration Car and fuel benefits / cash alternatives Total Remuneration + Voluntary benefits (discounts, cashbacks, vouchers, etc.) Benefit allowances (e.g. Flex plan) Total Reward Extrinsic, tangible Loans Executive share options Company share option plans (CSOPs and EMIs) Restricted shares / performance shares Long-term incentives Total Direct Total Remuneration Discounted share purchase plans (LTI) Share acquisition plans / SIPs Compensation Sharesave plans / SAYE Long-term cash incentive plans Sales incentive bonus plans Compensation Annual variable pay / Total Total Direct Sales commission plans short-term incentives Annual incentive / bonus payments (STI) Cash Profit share / profit-related payments Other contractual cash allowances Total Cash Other fixed payments (shift pay, etc.) Guaranteed cash Basic salary / base pay (including holiday pay)
  3. 3. MB Reward Total Reward structure including extrinsic non-cash reward items & HR Solutions Typical examples Reward type Reward category definitions Career growth; learning and development enablement value engagement and Motivational, organisation Work / life balance intangible Intrinsic, within Internal and external pay equity; 'equal pay' Work quality Working environment Affiliation, organisational reputation and brand Business travel opportunities Non-financial rewards Total Reward Childcare / creche facilities Gymnasium / health club Sports & Social club Telecommuting / flexible working Recognition award programmes Holidays Total Remuneration + Reward elements to which a currency value can be applied Employer’s National Insurance Contributions (NIC) Statutory benefits Pension / retirement provision Life Assurance Disability insurance (LTDB / IP / PHI) Private medical insurance (PMI) Critical illness insurance Other insurances (dental, optical, holiday / travel, etc.) Non-statutory benefits Total Remuneration Extrinsic, tangible Car and fuel benefits / cash alternatives Voluntary benefits (discounts, cashbacks, vouchers, etc.) Benefit allowances (e.g. Flex plan) Loans Executive share options Company share option plans (CSOPs and EMIs) Restricted shares / performance shares Long-term incentives Total Direct Discounted share purchase plans (LTI) Compensation Total Remuneration + Share acquisition plans / SIPs Total Remuneration Sharesave plans / SAYE Long-term cash incentive plans Sales incentive bonus plans Compensation Total Reward Annual variable pay / Sales commission plans Total Direct Annual incentive / bonus payments short-term incentives (STI) Total Profit share / profit-related payments Cash Other contractual cash allowances Total Cash Other fixed payments (shift pay, etc.) Guaranteed cash Basic salary / base pay (including holiday pay)

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